Gambling Strategy

FEATURE ARTICLE: By WinnerOnline.com

Misguided Strategies

by Meaghan Hutton,
WINNERonline December 5, 2003

When gambling, every player will eventually begin the life long search for the ultimate gambling strategy - the strategy to overcome the house edge and walk away with a pocket full of cash. Inevitably, the player will come across a few strategies we like to call "misguided strategies". Misguided because players are often told this is a way to beat the house. Although some of these are good money management techniques to prolong your enjoyment, they don't actually decrease the house edge. You might be familiar with some of them:

The Martingale Strategy

Premise: Double your bet after each loss. When you eventually win, you'll get back all your previous lost bets and make a small profit. After the win, you start again with your starting wager.

Problem: You win slowly; you lose quickly.

Details: Sure this may work well in situations where you alternate winning and losing, but let's take a look at when happens when you lose consecutively. With a $500 bankroll, we start our bet at $5. Losing that hand, we increase the bet to $10, then $20, then $40, then $80, then $160, then… oh, the maximum bet is $300, even so, we only have $185 left. After only 6 consecutive losses, we're down $315. So what are the chances of losing 6 times consecutively? Assuming there's ZERO house edge, the chance of this occurring is 1.5625% -- meaning, on average, it will happen once every 64 bets you make. 5x64 = $320 minus your initial bet of $5 gives $315. This makes you even.

The Paroli System

Premise: Set a consecutive win limit - say 4 wins. Double your bet (ie. restack your winnings) after each win until you win 4 times in a row, then take your loot and start over again. If you lose before hitting the win limit, you start from the beginning.

Problem: You only win in streaks, you lose other times.

Details: This is actually not a bad money management strategy, but it still doesn't decrease the house edge. It allows you to play longer at a bad table and win faster at a good table. The problem occurs when there are no streaks. Assuming a ZERO house edge, the chances of winning 4 times consecutively are 6.25% -- this means, on average, you will hit a streak every 16 bets. Let's say your starting bet is $5. After 16 bets, you would have lost $80. When you hit the streak, you'll win $10; double; win $20; double; win $40; double; win $80. This makes you even.

Progressive Betting System

There are two different ways of using the Progressive Betting System, the 2-level and the 5-level.

Premise (2-level): Decide on a minimum and a maximum bet (ie. $5 min. and $15 max). Start with the minimum bet, after a win, bet the maximum. Continue to bet the maximum until you lose. After a loss, drop back to the minimum bet.

Premise (5-level): The 5-level is based on a 1X, 2X, 3X, 5X scheme. Starting with a predetermined minimum bet amount, upon winning, move up the scale until reaching the 5X bet amount. Continue to bet the 5X amount until you lose. After a loss, drop back to the 1X bet amount.

Problem: You only win in streaks, you lose other times.

Details: Like the Paroli system, these systems may be a good way to vary your bets and manage your money. Also like the Paroli system, it doesn't change the house edge. You could win more when on a winning streak, but you will lose other times.

Getting an Edge Over the House

So is it really possible to gain an edge over the house? You'll be surprised that the answer is yes - depending on which game you play. Video Poker-Deuces Wild is one of the few games that actually give the player a 0.24% edge! Where the house makes money is when players detour from the correct strategy. For the best strategy on Deuces Wild and other games, visit the WINNERonline strategy section.

Games with Low House Edge

All is not lost, even though the house has an edge, you can still have fun and keep that edge to a minimum by using proven strategies. Here are a few games that have a fairly low house edge.

If you're not fond of Deuces Wild, there are other great video poker games such as Jacks or Better. Using a simple strategy, Jacks or Better has a house edge of only 0.64%.

Blackjack is one of the most popular games today and the Blackjack Basic Strategy is easy to follow using a Blackjack Strategy Card. With a house edge of only 0.5%, it's no wonder why it's a popular favorite.

Not into strategies? Baccarat could be the game for you. Betting decisions in Baccarat are limited simply to either Player or Banker. When you bet on the Player you face a house edge of 1.24%. Betting on the Banker carries a house edge of 1.06% (assuming the house cut is 5%) and the Tie bet gives the house almost a 5% edge. Obviously, the strategy here is to always bet on Banker.

Other Strategies

Want the best strategy for your favorite game? Visit the WINNERonline Strategy page.

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